R3 announces it is developing Corda, a blockchain-agnostic distributed ledger tailor-made for financial institutions

On April 5, 2016, the R3CEV startup announced that they were working on a distributed ledger, but no specific details were released.

R3’s technology is called Corda, and it’s not the permissionless transaction ledger popularized by Bitcoin. The company claims it’s tailor-made for financial institutions. The only thing we know about it is that Corda is a decentralized technology.

In a blog post yesterday, Richard G Brown , CTO and project lead at R3, described one of the most critical differences between Corda and how most people in the industry imagine blockchain.

Brown wrote:

“We are not developing a blockchain. Unlike other designs in the industry, our starting point is the individual agreements between companies. We are against the idea of ​​copying all data to all participants, even if it is encrypted.”

Richard G Brown

Other key differences include that Corda’s developers, including chief engineer James Carlyle and platform engineer Mike Hearn, have focused from the outset on how to address contentious protocols and the particular problems encountered by regulated financial firms.

Brown, who was hired from IBM in September last year to lead the Corda project, said:

"We need to simplify the integration of business logic and existing code. We need to focus on interoperability research. We need to support the orchestration of protocols between companies."

Unlike the Bitcoin blockchain, which distributes all transaction records across its nodes, Brown emphasized that Corda only shares verified transaction records.

As for regulators, they will be given “oversight observer nodes” through which they can monitor the Corda system. These nodes are set up on blockchain systems, including Overstock’s tØ platform.

Earlier in the day, Bloomberg News reported that members of the R3 consortium that is building Corda will test it in the coming weeks. The company plans to release the core of the Corda platform in the coming months and make it open source, which is also a reward for the efforts from other parties.

Original article: http://www.coindesk.com/r3cev-blockchain-regulated-businesses/
By Michael del Castillo
Compiled by: Kyle
Source (translation): Babbitt Information (http://www.8btc.com/r3cev-blockchain)